BTC ETFs Face First Net Outflows After 7 Straight Gains as Weekly Profits Exceed $2B

Highlights:

• BTC ETFs face first net outflows to end their seven straight days of consecutive gains.
• FBTC and ARKB topped the losses chart as IBIT recorded zero flows.
• An expert warned that Bitcoin price could face further declines.

According to SosoValue’s most recent Exchange Traded Funds (ETFs) flow data, Bitcoin (BTC) commodities have recorded their first net outflows to terminate a seven-day winning streak. On November 1, the ETFs forfeited funds, resulting in net outflows valued at about $54.94 million.

Once the #Bitcoin ETF flows turn negative.

It's historically been a great buying opportunity. pic.twitter.com/RBY1aeoSU7

— Crypto Rover (@rovercrc) November 2, 2024

Despite the recent loss, Bitcoin ETFs concluded the week on a high. The entities ended with $2.22 billion in net weekly gains valuation. Meanwhile, BlackRock Bitcoin ETF (IBIT) saw zero flows. IBIT’s inactiveness raised concerns, considering its remarkable runs in previous outings.

In yesterday’s ETF news coverage, Crypto2Community mentioned that an inactive IBIT would have resulted in losses worth over $280 million for BTC ETFs on October 31. Hence, the recently recorded figure in IBIT’s absence highlights its massive role in propelling Bitcoin ETFs to significant profitable runs.

💥BREAKING: BLACKROCK BOUGHT $2.15B WORTH OF #BITCOIN THIS WEEK. pic.twitter.com/evBEWG0Y20

— Crypto Rover (@rovercrc) November 2, 2024

FBTC Tops Bitcoin ETFs Losses Chart

According to the flow data, seven Bitcoin ETFs were active. Six of these commodities registered outflows, while only one incurred losses. Grayscale Mini Bitcoin ETF (BTC) witnessed the only inflows valued at roughly $13.51 million.

Fidelity Bitcoin ETF (FBTC) and ARK 21Shares Bitcoin ETF (ARKB) forfeited over $20 million. For context, they experienced outflows of about $25.64 million and $24.13 million, respectively. Four other commodities experienced cash outflows below $10 million. They include VanEck Bitcoin ETF (HODL) ($5.86 million), Bitwise Bitcoin ETF (BITB) ($5.64 million), Grayscale Bitcoin ETF (GBTC) ($5.51 million), and Valkyrie Bitcoin ETF (BRR) ($1.66 million).

With the newly incurred net outflows, Bitcoin ETFs’ cumulative net inflows dropped slightly. However, it still boasts a massive $24.15 billion valuation. The total value traded was $3.09 billion, while the total net assets reflected $69.64 billion. Despite the slight drop, the net assets valuation represents 5.08% of Bitcoin’s $1.378 trillion market cap.

Bitcoin Price Recovers Slightly Despite ETF Outflows

At the time of writing, Bitcoin displayed a 0.7% upswing in its 24-hour-to-date price change variable. It boasts roughly $69,700 in selling price with minimum and maximum prices in a day interval ranging between $68,849.63 and $71,500.10. In its other extended period data, BTC saw 4% and 13.7% upswings in its respective 7-day-to-date and month-to-date variables.

 

Despite dropping slightly below the $70,000 mark, Bitcoin still boasts a massive pool of holders making gains at the coin’s current price. According to IntoTheBlock’s statistics, 97% of the token owners are profitable. 3% are neither gaining nor losing, while only 1% of holders incurred losses.

Aside from the holders making money data, IntoTheBlock revealed that the past seven days saw transactions exceeding $100K, amounting to about $131.03 billion. Within the same time frame, the total exchange netflows reflected a negative $292.76 million. The negative value signifies more buying than dumping actions.

Expert Envisages More BTC Price Drop

In one of his most recent tweets, renowned market analyst Ash Crypto warned that Bitcoin could face further price declines. According to him, while the United States elections have proven bullish for Bitcoin, the rally tends to begin with an initial drop.

Citing historical trends, Ash Crypto noted that in 2016, 2020, and 2024, BTC post-elections bull run all began with initial drops of about 10.2%, 6.1%, and 6.3%, respectively. “We can still dump a little more, but that doesn’t invalidate the bullish sentiment for Bitcoin,” the expert added.

US ELECTION IS ALWAYS BULLISH FOR BITCOIN, BUT WHY DOES IT DUMP?

TAKE A LOOK AT THIS.

HISTORICALLY, DAYS BEFORE THE US ELECTION, BITCOIN SLIDES DOWN.

2016: -10.2%
2020: -6.1%
2024: -6.3%

WE CAN STILL DUMP A LITTLE MORE. BUT THAT DOESN'T INVALIDATE THE BULLISH SENTIMENT… pic.twitter.com/uyunpqMTwB

— Ash Crypto (@Ashcryptoreal) November 2, 2024